- Current report filing (8-K)
20 8월 2009 - 7:02PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
Current
Report
Pursuant
to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event
reported):
August 13, 2009
Pacific
State Bancorp
(Exact
name of registrant as specified in its charter)
California
|
0-49892
|
61-1407606
|
(State
or other jurisdiction
of
incorporation)
|
(Commission
File
Number)
|
(IRS
Employer
Identification
No.)
|
1899
W. March Lane
Stockton,
California
|
95207
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Registrant's telephone number,
including area code:
(209) 870-3214
(Former
name or former address, if changed since last report.)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions):
[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
218818.1
08/18/09 30203-003
Section
8 – Other Events
Item
8.01 Other Events.
On August 13, 2009, Pacific State
Bancorp (the “Company”) deferred the payment of interest on the Company’s $3.5
Million of Floating Rate Junior Subordinated Deferrable Interest Debentures
due 2034 (the “2034 Debentures”), issued to Pacific State Statutory Trust II
(“Trust II”), and $5.0 Million of Floating Rate Junior Subordinated Deferrable
Interest Debentures due 2037 (the “2037 Debentures”), issued to
Pacific State Statutory Trust III (“Trust III”). Trusts II and III are grantor
trust subsidiaries of the Company which were created solely for the purpose of
issuing capital securities, the proceeds of which were loaned to the Company
pursuant to the Debentures.
The terms of the Debentures are
governed by Indentures, each of which provides generally that the payment of
interest is deferrable, at the option of the Company, for up to 20 consecutive
quarters; nonpayment of interest for more than such period is an event of
default pursuant to which the payment of principal and interest may be
accelerated by the Indenture Trustee or the holders of not less than 25% of the
aggregate principal amount of the Debentures then outstanding.
The current deferral of interest,
which is applicable for the period commencing September 2009, is the first time
that the Company has deferred payment of interest on the Debentures. The
obligation to pay interest on the Debentures is cumulative and will continue to
accrue currently at the rate of 3.40% and 2.08%, respectively, on the 2034 and
2037 Debentures. Interest generally is set at a variable rates based on the
three-month LIBOR, reset and payable quarterly, plus 2.79% for the 2034
Debentures and 1.45% for the 2037 Debentures.
For further information, information
provided in the Company’s Annual Report on Form 10-K for the year ended December
31, 2008, filed with the Commission should be consulted, including the
information presented in Note 8 to the Consolidated Financial Statements, and in
the Management’s Discussion and Analysis of Financial Condition and Results of
Operations under the headings “Trust Subsidiaries” and “Contractual
Obligations,” all of which information is included in the Company’s Annual
Report to Shareholders filed as Exhibit 13 to the Form 10-K and is incorporated
here by reference.
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the Registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.
Pacific State Bancorp
(Registrant)
Date: August
19,
2009
By: /S/ Justin R.
Garner
Justin
Garner
Vice President and Chief Financial
Officer
Pacific State Bancorp (CE) (USOTC:PSBC)
과거 데이터 주식 차트
부터 8월(8) 2024 으로 9월(9) 2024
Pacific State Bancorp (CE) (USOTC:PSBC)
과거 데이터 주식 차트
부터 9월(9) 2023 으로 9월(9) 2024